£100/month normal for professional indemnity insurance?

[unpresidented]

Is EL a 'basic expectation'?

Hi all,

I'm new to this forum (yet to land in the UK from Australia) - but can see it is a very handy resource already.

Which leads me to my first question....I notice the posting above, with a reference to EL. Indeed, I had to google to better understand what this meant, and its application.

May I start by asking;

* Is EL cover a 'normal' requirement for most contractors? Am I correct to presume this covers company directors, who employ other contractors via their PLC, for 'OHS' purposes?

* For PI / PL insurance (which I maintain here in Australia - coverage requirements vary by client and nature of engagement) - are there any issues associated with simply purchasing an 'off the shelf' policy via web-based insurers? I notice some pretty reasonable quotes so far.

[Taita]

Hi all,

I'm new to this forum (yet to land in the UK from Australia) - but can see it is a very handy resource already.

Which leads me to my first question....I notice the posting above, with a reference to EL. Indeed, I had to google to better understand what this meant, and its application.

May I start by asking;

* Is EL cover a 'normal' requirement for most contractors? Am I correct to presume this covers company directors, who employ other contractors via their PLC, for 'OHS' purposes?


* For PI / PL insurance (which I maintain here in Australia - coverage requirements vary by client and nature of engagement) - are there any issues associated with simply purchasing an 'off the shelf' policy via web-based insurers? I notice some pretty reasonable quotes so far.

EL is presumed for a limited liability company. In the grand scheme of things, the cost should not bother you. As others here state, the entire package....EL,PL,PI should not cost the average contractor more than 3 or 4 hundred a year. Probably best to buy your cover from an insurer who understands contracting...see these pages.

[Lumiere]

not clever. Like saying I wont bother with car insurance its a waste of money.

Until you need to use it.

Every 5 minutes a contractor somewhere claims against his car insurance, ever heard of PI being actually used by anyone ?

[Taita]

Every 5 minutes a contractor somewhere claims against his car insurance, ever heard of PI being actually used by anyone ?

Absolutely not! Therefore, whilst necessary to jump contractual hoops, cost to a contractor should be minimal. It is a moot point whether personal PI is actually worth anything to an end client. His claim is against the supplier (agency -- in most cases) and I have never heard of an agency being held liable (in the courts) for a failure of contract labour. Consultancies get sued from time to time but we are talking of very big contracts, usually involving public sector buyers and these are mostly satisfied by compromise, both parties (secretly) acknowledging badly constructed contracts.

[TykeMerc]

May I start by asking;

* Is EL cover a 'normal' requirement for most contractors? Am I correct to presume this covers company directors, who employ other contractors via their PLC, for 'OHS' purposes?

Employers Liability Insurance - For owner/operator type contractors with no other employees than the director, many people don't bother with it.

* For PI / PL insurance (which I maintain here in Australia - coverage requirements vary by client and nature of engagement) - are there any issues associated with simply purchasing an 'off the shelf' policy via web-based insurers? I notice some pretty reasonable quotes so far.

Probably not that different in Australia (that's an assumption) so it won't seem unfamiliar. Quite a lot of the posters here use insurances from QDos and a few other web based insurers, speaking personally my PI/PL are about as off the shelf as it's possible to get, that's fairly typical I believe.

As to the total cost I can't remember, think it's around £300 - 350 for the year for PI & PL. That region anyway.

[dty]

As to the total cost I can't remember, think it's around £300 - 350 for the year for PI & PL. That region anyway.

£236 with QDOS for PI, PL & EL.

[TykeMerc]

£236 with QDOS for PI, PL & EL.

Could be the same for me, I'm damned if I can remember and CBA to look.

[meridian]

Just got my renewal notice through from Hiscox, £1m PI/PL + £10m EL, £622.09 for the year.

The inside cover of the latest IPSE magazine has an ad from Markel UK, checked out a quote from them and for the same amount of cover it's £379.16 pa.

Qdos online is £265.68 pa, including additional cover for past work (£236.28 without it) and a free IR35 contract assessment. No-brainer really, the only question is why haven't I moved to Qdos before....

[mudskipper]

Just got my renewal notice through from Hiscox, £1m PI/PL + £10m EL, £622.09 for the year.

The inside cover of the latest IPSE magazine has an ad from Markel UK, checked out a quote from them and for the same amount of cover it's £379.16 pa.

Qdos online is £265.68 pa, including additional cover for past work (£236.28 without it) and a free IR35 contract assessment. No-brainer really, the only question is why haven't I moved to Qdos before....

Google for a 10% off code

[Qdos Contractor]

Google for a 10% off code

Sshh...